DDM Analysis: 300718.SZ

Valuation Snapshot

Stable Growth	$141.44 - $166.64	$156.17
Multi-Stage	$100.51 - $110.28	$105.30
Blended Fair Value	$130.74
Current Price	$90.54
Upside	44.40%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	12.06%	17.07%	0.41	0.53	0.36	0.34	0.15	0.23	0.13	0.08	0.19	0.07
YoY Growth	-	-	-22.29%	47.62%	6.78%	129.51%	-37.14%	87.30%	48.00%	-54.67%	174.42%	-20.67%
Dividend Yield	-	-	0.49%	3.12%	2.06%	2.46%	1.20%	1.86%	1.05%	0.59%	2.07%	0.76%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	247.72
(-) Cash Dividends Paid (M)	121.86
(=) Cash Retained (M)	125.85

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	49.54	30.96	18.58
Cash Retained (M)	125.85	125.85	125.85
(-) Cash Required (M)	-49.54	-30.96	-18.58
(=) Excess Retained (M)	76.31	94.89	107.27
(/) Shares Outstanding (M)	295.63	295.63	295.63
(=) Excess Retained per Share	0.26	0.32	0.36
LTM Dividend per Share	0.41	0.41	0.41
(+) Excess Retained per Share	0.26	0.32	0.36
(=) Adjusted Dividend	0.67	0.73	0.78
WACC / Discount Rate	1.47%	1.47%	1.47%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$141.44	$156.17	$166.64
Upside / Downside	56.22%	72.49%	84.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	247.72	263.82	280.97	299.23	318.68	339.39	349.57
Payout Ratio	49.19%	57.36%	65.52%	73.68%	81.84%	90.00%	92.50%
Projected Dividends (M)	121.86	151.31	184.08	220.47	260.80	305.45	323.36

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	1.47%	1.47%	1.47%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	147.72	149.12	150.52
Year 2 PV (M)	175.45	178.79	182.16
Year 3 PV (M)	205.14	211.03	217.03
Year 4 PV (M)	236.91	246.03	255.40
Year 5 PV (M)	270.89	283.98	297.56
PV of Terminal Value (M)	28,676.83	30,061.93	31,500.04
Equity Value (M)	29,712.95	31,130.87	32,602.72
Shares Outstanding (M)	295.63	295.63	295.63
Fair Value	$100.51	$105.30	$110.28
Upside / Downside	11.01%	16.31%	21.80%

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Zhejiang Changsheng Sliding Bearings Co., Ltd. (300718.SZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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